President Barack Obama shakes hands with newly announced nominee for president of the World Bank, Dartmouth College President Jim Yong Ki, March 23, 2012 in Washington, DC. Kim, who is seen as a surprise pick, is a Korean born physician that is reportedly prominent in global health circles.

President Obama's nominee to head the World Bank was selected by the bank's board of directors on Monday in the first contested nominating process in the bank's history. Here's some background the bank's decision from CNN Money:

Throughout its more-than-60-year history, the bank has been led by an American, part of a tacit agreement between the United States and its Western European allies. Europe, in turn, has maintained control of the International Monetary Fund.

The United States and Europe together have roughly 50% of voting shares, which are based on money paid into the bank.

But the challenges from Okonjo-Iweala and former Colombian finance head Jose Antonio Ocampo - who withdrew from the race last week and endorsed the Nigerian - raised questions about how much longer the current leadership arrangement will remain tenable.

In 2010, the United States and other World Bank shareholder-countries pledged support for an "open, merit-based and transparent" selection process. Such declarations have been met with cynicism by emerging market nations, however.

In a statement last week withdrawing his candidacy, Ocampo said the selection process was "shifting from a strict merit-based competition ... into a more political-oriented exercise."

The president issued the following statement on the bank's decision:

On behalf of the United States, I would like to offer my congratulations to Dr. Jim Yong Kim on his selection as the next President of the World Bank. I am confident that Dr. Kim will be an inclusive leader who will bring to the Bank a passion for and deep knowledge of development, a commitment to sustained economic growth, and the ability to respond to complex challenges and seize new opportunities. I appreciate the strong support offered to Dr. Kim from leaders around the world.

I am also pleased that this has been an open and transparent process, and would like to take this opportunity to acknowledge the outstanding qualifications and commitment of the other two candidates. I look forward to working with Dr. Kim and our partners throughout the world in support of a strong and effective World Bank.

For more on the process and the bank's decision, check out CNN Money's full write here.

soundoff(27 Responses)

Who do you suggest Jerry? I know it couldn't have been any one of your 'homegrown thieves'! Had he nominated the African woman, you all would have 'died dead'!! OMG! He picked her 'cause his daddy was an African...he's selling the US to Africa...all sort of degredation, lies, and spin!!

April 16, 2012 at 7:02 pm |

jerrylax

wrong you are! The African was more qualified...obama just put another goof ball in, business as usual... Now I wonder what this will cost the American tax payer?

April 16, 2012 at 7:21 pm |

1FreeWorld

Let's get back to the Beatles age!

Lot's of good music back then!

[youtube=http://www.youtube.com/watch?v=aiGg8D4hFLc&w=640&h=360]

After a song about Donna!

April 16, 2012 at 9:51 pm |

1FreeWorld

Hey Liz!

Why would the Leader of the USA,,,

Yes, the USA's Commander in Chief,,,

stop Midshipmen from wearing SWORDS at a FULL DRESS Graduation in 2009?

If I were the President,,,,
the Commander in Chief,,,,

I WOULD STAND TALL with the MIDSHIPMEN,,,

especially while they were in their FULL DRESS AT GRADUATION....

I would hold a SWORD,,, WITH THE MIDSHIPMEN,,,
Honoring the MIDSHIPMEN,,,
the folks WANTING TO PROTECT THE USA
from Communism and Nazism
and BIG GOVERNMENT, TYRANNICAL SOCIALISM!

Yes,
With the MIDSHIPMEN at the US Navy's ANNAPOLIS GRADUATION!

But Obummer's Administration,,,,,
PREVENTED

AMERICAN future NAVAL HEROS,,,

From wearing SWORDS!

Were there any Muslim Midshipmen wanting to stop Obummer's Presidency?

Maybe,,,,

BUT,,,

Ooops,,, SOMEBODY DOESN'T WANT TO STOP COMMUNISM and NAZISM and SOCIALISM
in the USA!!!!

WHY WAS Panetta
forcing the Military
to check their Guns at the Door
at his last Over-Sea's meeting
with the Troops?????

@jerrylax aka Jerry...are you smart enough to know who was most qualified? Did you get a copy of their 'applications' for the job? What was the thing that made the African woman most qualified? What is the thing that make the Chinaman less qualified? Historically, from just reading every one of your anti-Obama posts, even on the tie he chooses to wear, you would have a problem with it...and you know it! LOL!! What is this selection going to cost the American taxpayer? Well maybe we'll see if we can ever finish paying back our debt to them!! You can start cyphering then! LOL!

April 16, 2012 at 7:58 pm |

jerry

I'll try to explain it to you. The person most of the rest of the world wanted in this position was Ngozi Okonjo-Iweala, a Nigerian who understands poverty and the real needs of countries like hers...she was a Finance Minister of Nigeria and a Managing Director of The World Bank. I saw her speak and was impressed with her. You see the WorldBank is concerned with National Development (economics) and obamas guy knows nothing of this...he is into humane development (health care/anthropology). This was another obama ignorant gaffe! Another reason the world now looks at this administration as fundamentally ignorant and unqualified. This is what we get for electing a man who has a very narrow resume and is interested only in advancing his political ideology as his mother was....by the way.

April 16, 2012 at 10:09 pm |

jean2009

A.) The United States and Europe fund the bulk of the money put into the World Bank. It should be noted that along with most European countries Russia, and Japan also voted for Dr. Kim.
B.) Dr. Jim Yung Kim as the President of Dartmouth College, an expert in global health is well qualified for the job. The World Bank is not your ordinary banking job.

Basically the World Bank is a non-profit organization which helps countries by providing financial grants. Not all previous presidents have had banking experience. Since its founding in 1944 only 5 of its 11 past presidents have had banking experience...one was a newspaper publisher.

http://en.wikipedia.org/wiki/World_Bank.

C.) Poverty is reduced when the education and health, of people, in countries receiving World Bank aid is the focus of the organization.

The goals of the World Health Organization is to address world poverty and hunger, provide assistance for education to increase the number of children in developing countries with a primary school education. promote gender equality, reduce child mortality rates, improve maternal health, combat HIV/Aids and other diseases; and insure environmental sustainability.

Frankly, there has been a great need to redirect the focus of the World Bank which for a long time had been mismanaged; even before the scandal involving G. W. Bush's appointee Paul Wolfowitz.

First of all its siphon, not cyphering. and I agree with jerry. he's completely right. Okonjo-Iweala is known as an economist. She serves as the finance minister of Nigeria and has been the managing director under Robert Zoellick. She has also been previously the vice president of the WBG. Her degree is in economics and the regional development, which is EXACTLY what the job of the World Bank is. To provide economic assistance to developing countries. What qualifies Kim for the post? He has a MD and a PhD in anthropology. He's worked with the WHO and Dartmouth.. hardly qualifications, especially when compared to Okonjo-Iwalea. This was a bad pick from Obama. He should've nominated someone more qualified.

April 17, 2012 at 10:19 am |

jean2009

@Jordon

BTW you are wrong and Liz is right. Jerry as per usual is wrong.
When you are discussing mathematics professors, economics, or problem solving it is "ciphering". If you are discussing transferring a liquid from one container to another that is "siphoning".

http://www.thefreedictionary.com/ciphering

http://www.thefreedictionary.com/siphoning

April 19, 2012 at 4:30 pm |

Jackie

Thanks Obama for selecting Dr. Kim. I am sure he will do a great job. This was a very fine selection.

April 17, 2012 at 1:44 am |

Bassey Ene

To me it dosnt matter who is there,what matters is sincerety,poverty eradication,commitment cose poverty cos the world uprising.But if our leaders speake the truth and do it, grate job for the youths I think the world ll be a better place to be.Congratulation to Jim.

April 17, 2012 at 3:49 am |

Sponge-Bob

I wonder how much Kim and his friends had to donate to Obama to get this job?

April 17, 2012 at 5:50 am |

Holla

You've shown kind of ignorance again about the selection process. Get your head together and the fact before posting this kind of a message.

April 17, 2012 at 9:07 am |

Steveo

The selection process is simple America chooses the leader of the World Bank and Europe selects the directors. The reason is equally simple America and Europe are the biggest donors! The point is Mr. Kim has a medical background, not financial. He is also an avid Obama backer (that is just politics). The point folks are trying to make is the African Woman and the Columbian man had financial resumes and Mr. Kim didn't! Yet, America picks the President of the world bank. Folks just can't volunteer or run for that position!

April 17, 2012 at 10:10 am |

george of the jungle

congratulations Dr. Kim Again the repo comments made here are stupid and uncalled for. Get over it.

April 17, 2012 at 12:07 pm |

Steveo

You have a habit of not answering when challenged but here goes anyway. The question is about Dr. Kim who is a medical doctor and Ngozi Okonjo-Iweala who has an economics degree from Havard! I aready stated America historically has nominated the World Bank President. How is questioning the selection of Dr Kim (medical) over one with an Economics degree from Harvard stupid?

April 17, 2012 at 1:07 pm |

jean2009

An economics degree alone means little when the main emphasis of the World Bank is to provide grants to alleviate rampant disease, which in many cases is caused by a lack of education, a shortage of food, and lack of natural resources; in areas of the world which lack all the above basics. Probably the least needed thing for the job is a person with only a degree in bean-counting.

I feel a person like Dr. Kim who is an expert in global health, and who has the economic experience of being the president of a university would provide a better more rounded and balanced wealth of job experience.

For starters, you should research the basic job description of any university president and you will find that person's knowledge must encompass a wealth of experience. Not all of it as a bean-counter.

Running a university means knowing about how students obtain an education, a knowledge of student housing, food service; health, safety and other university services, fund-raising, managing endowment funds, hiring staff for all levels of employment from professors to groundskeepers, financial aid, meeting a budget....in many ways it can be some of the same experience as a city mayor. I would also suggest researching the size and curriculum at Dartmouth which has a School of Medicine, School of Engineering, and a School of Business.

You're correct and Dr Kim may do very well! However, it is never stupid to ask questions! You mentioned the three specific schools at Dartmouth. The Dean of the medical school is a medical doctor, the Dean of the engineering school is an engineer and the Dean of the business school has extensive business and financial experience. So, while a president doesn't need to be a subject matter expert, the people he/she surrounds themselves with better be!

George lobs stink bombs and runs away! He is a "hit and run" blogger! I am challenging his statement that asking questions is stupid!

April 18, 2012 at 11:14 am |

jean2009

Great Steveo, May I ask a stupid question: Why don't I ever see you weighing in on "hit and run" bloggers Howie, jerry and SpongeBob joey for lobbing stink bombs?

April 19, 2012 at 4:18 pm |

1FreeWorld

Utt Oh!
Stink Bomb!

Don't look,,,,

It is like smelling a refridgerator in a home in Foreclosure WITHOUT Electricty,,,,

Don't OPEN THE REFRIGERATOR! It Stinks!

[youtube=http://www.youtube.com/watch?v=K4FnkhFxYPU&w=640&h=360]

Getting Stinky in here!

Whoa,,, did you smell that?

Anybody here lose their Home in Foreclosure?

Anybody here living in a Home that has a lot of folks in the Bathroom,,,

stopping you from getting to your job ON TIME????

Or are they just stopping you from going to the bathroom????

April 19, 2012 at 8:17 pm |

jerrylax

you just never make sense....poor you.

April 17, 2012 at 3:05 pm |

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